IAIS Publishes Application Paper on Recovery Planning

The paper addresses issues that were identified in the development of the material, including feedback received from members and stakeholders during public consultations. The issues involved both the nature of a recovery plan and the roles of the supervisor and insurer with respect to the plan. The paper provides recommendations and guidance to supervisors regarding recovery planning and cooperation and coordination between supervisors. It also provides additional information for insurers with regard to recovery planning, along with the examples illustrating application of principles, standards, and guidance relevant to recovery planning. The key topics covered in the paper include the following:

• Objectives and concepts of recovery planning
• Requirements for recovery plans and the application of the proportionality principle to recovery planning
• Governance-related matters in recovery planning, including the development and approval process of a recovery plan and how a recovery plan relates to the overall risk management of an insurer
• Key elements of a recovery plan and examples of how these can be addressed in a recovery plan
• The role of the supervisor (or supervisors in a cross-border group) in recovery planning

Keywords: International, Insurance, Recovery Planning, Proportionality, ICP 16, ICP 23, ComFrame, Recovery and Resolution, Governance, IAIS